Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2021

Disaggregation of Revenue [Table Text Block]

The following table presents our revenue disaggregated by major service line:


	Transco		Northwest Pipeline		Gulf of Mexico Midstream		Northeast Midstream		West Midstream		Other		Eliminations		Total
	(Millions)
Three Months Ended June 30, 2021
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	613	$	108	$	—	$	—	$	—	$	—	$	(2)	$	719
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	—		—		90		315		278		—		(26)		657
Commodity consideration	—		—		10		2		39		—		—		51
Other	2		—		7		52		10		—		(4)		67
Total service revenues	615		108		107		369		327		—		(32)		1,494
Product sales	16		—		53		24		726		44		(87)		776
Total revenues from contracts with customers	631		108		160		393		1,053		44		(119)		2,270
Other revenues (1)	—		—		3		6		(1)		8		(3)		13
Total revenues	$	631	$	108	$	163	$	399	$	1,052	$	52	$	(122)	$	2,283

Three Months Ended June 30, 2020
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	592	$	110	$	—	$	—	$	—	$	—	$	(1)	$	701
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	—		—		78		308		297		—		(19)		664
Commodity consideration	—		—		3		1		21		—		—		25
Other	2		—		10		41		17		—		(4)		66
Total service revenues	594		110		91		350		335		—		(24)		1,456
Product sales	20		—		17		1		303		—		(31)		310
Total revenues from contracts with customers	614		110		108		351		638		—		(55)		1,766
Other revenues (1)	2		—		1		5		2		9		(4)		15
Total revenues	$	616	$	110	$	109	$	356	$	640	$	9	$	(59)	$	1,781


	Transco		Northwest Pipeline		Gulf of Mexico Midstream		Northeast Midstream		West Midstream		Other		Eliminations		Total
	(Millions)
Six Months Ended June 30, 2021
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	1,238	$	221	$	—	$	—	$	—	$	—	$	(5)	$	1,454
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	—		—		176		626		540		—		(47)		1,295
Commodity consideration	—		—		21		5		74		—		—		100
Other	5		—		10		93		29		—		(8)		129
Total service revenues	1,243		221		207		724		643		—		(60)		2,978
Product sales	30		—		106		56		1,806		100		(177)		1,921
Total revenues from contracts with customers	1,273		221		313		780		2,449		100		(237)		4,899
Other revenues (1)	2		—		5		12		(32)		15		(6)		(4)
Total revenues	$	1,275	$	221	$	318	$	792	$	2,417	$	115	$	(243)	$	4,895

Six Months Ended June 30, 2020
Revenues from contracts with customers:
Service revenues:
Regulated interstate natural gas transportation and storage	$	1,196	$	225	$	—	$	—	$	—	$	—	$	(3)	$	1,418
Gathering, processing, transportation, fractionation, and storage:
Monetary consideration	—		—		177		620		596		—		(41)		1,352
Commodity consideration	—		—		8		3		42		—		—		53
Other	5		—		16		82		26		—		(9)		120
Total service revenues	1,201		225		201		705		664		—		(53)		2,943
Product sales	40		—		49		30		662		—		(60)		721
Total revenues from contracts with customers	1,241		225		250		735		1,326		—		(113)		3,664
Other revenues (1)	2		—		3		10		5		17		(7)		30
Total revenues	$	1,243	$	225	$	253	$	745	$	1,331	$	17	$	(120)	$	3,694

______________________________

(1)Revenues not derived from contracts with customers consist of leasing revenues associated with our headquarters building and management fees that we receive for certain services we provide to operated equity-method investments, which are reported in Service revenues in the Consolidated Statement of Operations, and amounts associated with our derivative contracts, which are reported in Product sales in the Consolidated Statement of Operations.

Contract with Customer, Asset and Liability [Table Text Block]

The following table presents a reconciliation of our contract assets:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(Millions)
Balance at beginning of period	$	25	$	18	$	12	$	8
Revenue recognized in excess of amounts invoiced	38		46		83		69
Minimum volume commitments invoiced	(25)		(34)		(57)		(47)
Balance at end of period	$	38	$	30	$	38	$	30

Contract Liabilities

The following table presents a reconciliation of our contract liabilities:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(Millions)
Balance at beginning of period	$	1,171	$	1,189	$	1,209	$	1,215
Payments received and deferred	72		74		85		102
Significant financing component	2		2		5		5
Recognized in revenue	(52)		(62)		(106)		(119)
Balance at end of period	$	1,193	$	1,203	$	1,193	$	1,203

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

The following table presents the amount of the contract liabilities balance expected to be recognized as revenue when performance obligations are satisfied and the transaction price allocated to the remaining performance obligations under certain contracts as of June 30, 2021.


	Contract Liabilities		Remaining Performance Obligations
	(Millions)
2021 (six months)	$	83	$	1,724
2022 (one year)	130		3,409
2023 (one year)	111		3,137
2024 (one year)	106		2,723
2025 (one year)	101		2,330

Thereafter	662		18,055
Total	$	1,193	$	31,378

Contract With Customer Accounts Receivable [Table Text Block]

The following is a summary of our Trade accounts and other receivables – net:


	June 30, 2021		December 31, 2020
	(Millions)
Accounts receivable related to revenues from contracts with customers	$	928	$	892
Other accounts receivable	71		107
Trade accounts and other receivables – net	$	999	$	999